The Social Security Trust Funds are projected to become insolvent in 2034, according to the program's trustees. At that point, revenues coming into the program will be insufficient to cover scheduled benefits, causing all beneficiaries to suffer a 23 percent benefit cut, regardless of their age, income level, or how much they depend on the program. That cut would generally grow over time, until someone born this year would have a 27 percent cut in their lifetime benefits.

Fortunately, there is still time to fix Social Security's finances without making drastic tax or benefit changes. Acting now would allow policymakers to develop and pass a plan to strengthen the program’s finances, phase in changes gradually to give workers time to prepare, improve benefits for vulnerable beneficiaries, and promote long-term economic growth.